I tried it...once.
There are SO MANY combines, and after all these combines you only get a few arrows. If anyone remembers the quantity of arrows from the different qualities (crude, shaped, pristine, etc) please paste them here. I think i got two arrows at crude quality, ten at pristine? I forget the exact numbers, but I remember being horrified by how few arrows I got. Not worth it - especially when i can go through 4 STACKS of arrows a night (around 400 arrows).
I don't think it's worthwhile to attempt to make your own arrows unless the amount of arrows you get from crafting is changed, or the number of sub combines lessened.
I don't know any woodworkers out there that even bother to craft arrows (and i have been looking due to the cost of arrows). One woodworker told me that with the cost of all the subcombines, it wouldn't be any cheaper than buying them from merchant if they made me some.
So, I guess the question is, do any of the woodworkers out there bother with arrows ?
ps. keep in mind if you're a ranger and you want to make your own arrows, you'll have to keep your adventurer and artisan class levels fairly close. If your adventurer class gets, say 10 levels ahead of your artisan class - you'll be making iron arrows when really you need carbonite.